A bank recently surveyed over 500 small business owners about what they love and hate most about owning their own business. Unsurprisingly, flexibility and feeling in control ranked first in the “love” category. Meanwhile, almost 60% said bookkeeping was hands-down their most hated task. Most business owners understand that effective financial management is key to […]
Welcome back to our Weekly Digest. We hope you and your family are doing well. Read on for this week’s update. Easing restrictions Last week we mentioned the government’s state-by-state roadmaps to relaxing restrictions. Most states have started their roadmap and as a result some businesses are gearing up to reopen. If it’s still a […]
Your “war chest” is the financial reserve your business has built up so you can take advantage of an opportunity or cover unexpected costs or emergencies. Building a cash reserve when finances are tight, however, can be difficult. You need money to continue running your business but, if at all possible, you want to keep […]
Read More… from How to build a cash war chest when money is tight
Hello for another week! We hope you are staying healthy and well. The big news late last week was the government’s three-step plan to relax coronavirus restrictions. It’s great news for our country and our economy – well done to everyone for playing a part in “flattening the curve!” Plans to reduce restrictions Each state […]
As many business owners are experiencing, the COVID-19 pandemic has created serious financial difficulties for entrepreneurs. Small businesses especially are faced with cutting their budgets so they can continue to operate—even at a smaller scale—and not have to close for good. They also have to figure out how they can market themselves so once the […]
Read More… from How to continue marketing on a shoestring budget
The COVID-19 pandemic has proven challenging for many small business owners. It’s difficult to run your business remotely, especially if you’re not set up to do so. If you run a business that requires customers or clients to come to you, you might be very concerned about how you can continue to operate without opening […]
Read More… from Ways to run your business if you still can’t open your premises
In this week’s update, as well as some updates on government support for businesses, we’ve included a number of resources to help with navigating your business out of the dire situation we’ve all been in. No doubt there are still tough times ahead but there are many reasons to be hopeful and we’re here to […]
Read More… from JobKeeper Monthly Declaration + more business updates
To many people, financial planning sounds like something for the very rich. The wealthiest people take their piles of money to someone who tells them where to invest it so they can make even more money. The rest of us just focus on saving what we can while paying off debt and hoping we don’t […]
Clearly this is an incredibly tough times for business owners. We just wanted to let you know we’re here to help. If you want to chat about your business, finances or what help is available from the government and other places, let’s make a time. We’ve also put together a page of COVID-19 resources which […]
Read More… from We’re here to help during the COVID-19 crisis
Since the first internal corporate note was sent—probably reminding employees about casual Friday—companies and organizations have relied on written communications to keep employees up-to-date on company policies, procedures and changes happening within. These days, though, more companies are switching to videos to relay information to their staff. In a lot of ways, video is more […]
As we try to catch a breath from all the chaos going on with Coronavirus, we just got word of the Australian Government’s latest stimulus package. This package focuses on the ‘job keeper’ payment, aimed at helping businesses keep their staff, which will be a lifeline for many people over the coming months. Here a […]
Read More… from ‘Job Keeper’ payment makes up Government’s 3rd stimulus package
The last few weeks have been absolutely crazy. We’ve seen toilet paper shortages, businesses being forced to close, and an overload of information (and misinformation on social media). With the recent disruption in mind, we wanted to help support you however we can. We’ve seen a number of our clients already impacted by the virus […]
Read More… from Useful information and business resources on COVID-19
Our office is closed but we’re still here to help Like you, we’re watching the evolving situation with COVID -19 closely – grappling with both the human and health implications, and the associated financial and economic impacts it presents for people and businesses across the globe. As always, our key priority is the safety of […]
In the lean, early years of running a business – that crucial time when most startups need capital – qualifying for a loan can be difficult. Step one is to build a solid credit rating, so a lender feels confident your company isn’t a high risk for repayment and can say “yes” to your application. […]
Read More… from Is it the right time to take out a business loan?
The Federal Government has announced a second stimulus package as the initial package offered was not sufficient enough to target all the various types of Small Businesses in Australia. Sole Traders were inadvertently ignored – but this has now been addressed. Prime Minister Scott Morrison announced further assistance to support Businesses and Jobs for Australia. […]
If you’re like most small business owners, you spend the majority of your time managing daily operations, keeping customers happy, and looking for new ways to grow. Spreadsheets, cash flow analysis, and financial projections are probably not your first passion. However, measuring profitability, creating realistic budgets, and planning ahead for the future are crucial to […]
Read More… from Tips to Keep Your Business Finances in Order
I’m sure you are all concerned about the health and wellbeing of your loved ones during this current COVID-19 crisis. We as Australians need to all work together to get through this difficult period. At Westwoods BGA we have been working night and day, to keep all our business clients as up to date and […]
Are you dreaming of a tropical holiday but don’t know how your business will keep going without you? You’re not alone. Xero’s research shows 76% of small business owners sacrifice their holidays to power through and keep their business running smoothly. The good news is you don’t have to be tied to your office anymore. […]
Read More… from Run your business from the beach chair with Xero
Whether it’s on social media or the TV and radio, coronavirus or COVID-19 is a topic we simply can’t escape. As much as we would like to try and ignore it, we can’t, and it is having a major effect on people and businesses in Australia. We have already seen the panic buying around Australia, […]
Read More… from An update on Westwoods BGA’s response to COVID-19
No matter how much money you currently have in the bank, it’s a good idea to consult with a financial planner sooner than later. There’s no better way to start mapping out strategies for investing – and saving – so you can meet your short and long term financial goals. Financial planners are there to […]